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DOT Price Prediction: Polkadot outshines other altcoins, soars 19% to record a new milestone

3 min read

TL;DR Breakdown

  • DOT price prediction shows Polkadot is leading in the current crypto recovery among the top 10 crypto tokens in the crypto sphere, moving past the $45 mark.
  • According to the 4-hour chart, the moving average convergence divergence (MACD) validates Polkadot’s price surge.
  • If DOT closes the day under the ascending channel’s midline support, it could trigger a new price correction wave.

At the time of writing, DOT is exchanging in the green while leading the recovering crypto assets pack. At present, Polkadot is up by about 18 percent to trade hands slightly above the $45 mark. The last couple of days has witnessed the crypto asset positioning itself for a bullish momentum staged by its previous support line at the $28 mark.

DOT Price Prediction: General price overview

The past week has been quite bullish for most altcoin in the crypto market. ETH led the pack, recording multiple uninterrupted green daily candles,  contributing to the crypto coin breaking above the fancied $2,000 mark. Additionally, the second-largest crypto token seems not to be showing signs of weariness, as it is continuing with its upward onslaught aiming for a new milestone.

Polkadot appears to be following the same suit as it has been on an upward trend for the last seven days. Furthermore, DOT is emerging as the biggest gainer among the top crypto coins in the market, with an impressive 20 percent gain on a 24-hour chart. As a result, Polkadot recorded a milestone of its own, bypassing the $46.6 mark and also emerging as the fourth largest crypto asset in the market by market capitalization.

DOT price movement in the past 24 hours

DOT Price Prediction: Polkadot outshines other altcoins, soars 19% to record a new milestone 1
Source: TradingView

Polkadot’s 24-hour chart shows that the crypto asset is currently experiencing an upward price surge predicted to push the coin’s value to newer highs and heights. At the time of writing, the 4-hour chart shows DOT is exchanging within the limits of an ascending parallel channel. Luckily for DOT, the lower boundary support is keeping the bears at bay. However, the crypto’s upper boundary is limiting Polkadot’s further upward price movements.

DOT 4-hour chart

Presently, Polkadot is resting above the top boundary support line. If Polkadot maintains its current momentum and closes the day above this critical support line, it will solidify its stability and position in the crypto market. On the other hand, addresses holding large sums of DOT coins are likely to start selling their assets once the current bull run starts fading. It is worth keeping in mind that DOT is currently sitting pretty in the hands of the bulls, as highlighted by the 4-hour Moving Average Convergence Divergence (MAD) indicator.

DOT Price Prediction: Polkadot outshines other altcoins, soars 19% to record a new milestone 2
Source: TradingView

According to DOT’s MACD blue line, which sliced through the signal line on the last week of March, indicating the crypto coin is still firmly in the positive zone, confirmed by the ongoing bullish outlook. Also, it is worth noting that a price movement above the ascending channel resistance level would mean DOT will be in further demand that might push its price further upwards. However, this action would also add weight to the tailwind, meaning delays will be experienced at the $45 region.

On the other side, losses might be experienced if the crypto asset ends the day above the mid-layer support level. This is likely to trigger overhead and selling pressure due to the current market instability that sends panic to investors whenever such a move happens.

Conclusion

As Polkadot continues to record lower lows and higher highs, it is prudent for investors to keep a close eye on the crypto coin, as it could start plummeting at any time. At present, the crypto coin has outdone itself and is hovering in unchartered waters.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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